Slide 1: First Quarter 2026 Earnings Call
First Quarter 2026 Earnings Call May 20, 2026
Slide 2: Disclaimer – Forward Looking Statements
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx DISCLAIMER – FORWARD LOOKING STATEMENTS Forward Looking Statements This presentation contains forward-looking statements
Slide 3: What AEVEX Does: Enables the Future of Autonomous Capabilities
WHAT AEVEX DOES: ENABLES THE FUTURE OF AUTONOMOUS CAPABILITIES $610mm mid-point of 1 We Solve the Most Challenging Problems for the Battlefield of the Future 2026 Revenue1 Guidance 6,200+ Autonomous Systems Delivered 2 We Deliver Battle-Proven Technologies and Autonomous Systems 3,900+ Committed to
Slide 4: How We Do It: Intelligent, Integrated Solutions Driving Differentiation
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx HOW WE DO IT: INTELLIGENT, INTEGRATED SOLUTIONS DRIVING DIFFERENTIATION Unmanned Aerial Unmanned CompassX ForgeX Electron
Slide 5: Demand for Uncrewed Autonomous Systems Is Growing
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx DEMAND FOR UNCREWED AUTONOMOUS SYSTEMS (UXS) IS GROWING 2026 Budget Request + OBBB (YoY Growth %) Large and Growing Globa
Slide 6: Proven Effectiveness of UXS Solutions Has Catalyzed Significant Budget Growth
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx PROVEN EFFECTIVENESS OF UXS SOLUTIONS HAS CATALYZED SIGNIFICANT BUDGET GROWTH Nathusius (90-hour ISR Aircraft) Disruptor
Slide 7: Mission Partner to U.S. Government Agencies and International Allies
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx MISSION PARTNER TO U.S. GOVERNMENT AGENCIES AND INTERNATIONAL ALLIES Active Discussions With Numerous United States Gover
Slide 8: AEVEX Is Positioned to Win
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx AEVEX IS POSITIONED TO WIN AEVEX Capabilities are Directly Aligned to Meet Customer Needs Customer Needs & Requirements A
Slide 9: CompassX: The Future of Mission Autonomy and Assured Navigation
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx COMPASSX: THE FUTURE OF MISSION AUTONOMY AND ASSURED NAVIGATION CompassX is a Family of AI-Driven Navigation and Autonomy
Slide 10: Infrastructure in Place to Meet Rapid Development and Scaled Production
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx Infrastructure in Place to Meet Rapid Development and Scaled Production INFRASTRUCTURE IN PLACE TO MEET RAPID DEVELOPMENT
Slide 11: Track Record of Executing Missions for Global Customers
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx TRACK RECORD OF EXECUTING MISSIONS FOR GLOBAL CUSTOMERS Battle-Proven Technologies with Track Record of Performance, Bene
Slide 12: Marquee UXS Programs Set Enable Sought After Opportunities
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx MARQUEE UXS PROGRAMS SET ENABLE SOUGHT AFTER OPPORTUNITIES Atlas Group II ‘Hunter/Killer’ Phoenix Ghost Program EUCOM Dee
Slide 13: Significant Momentum With Actionable Near-Term Pipeline
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx SIGNIFICANT MOMENTUM WITH ACTIONABLE NEAR-TERM PIPELINE Accelerating Funded Backlog Momentum Robust Pipeline Growth Well-
Slide 14: Multiple Emerging Programs Driving Diversification and Future Growth
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx Multiple emerging programs driving diversification and Future Growth MULTIPLE EMERGING PROGRAMS DRIVING DIVERSIFICATION A
Slide 15: Sizeable Pipeline of Highly Complementary Partners to Enable Inorganic Growth
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx SIZEABLE PIPELINE OF HIGHLY COMPLEMENTARY PARTNERS TO ENABLE INORGANIC GROWTH Track Record of Successful M&A Execution Cr
Slide 16: Looking Ahead – 2026 Strategic Priorities and Objectives
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx LOOKING AHEAD – 2026 STRATEGIC PRIORITIES AND OBJECTIVES ▪ Continue to expand pipeline and close key production bookings
Slide 17: Q1 Key Highlights
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx Q1 KEY HIGHLIGHTS ▪ Revenue up 307% y/y driven largely by UAS production volume 1 Drive Growth ▪ LTM Book-to-Bill of 1.16
Slide 18: Q1 Financial Results
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx Q1 FINANCIAL RESULTS Revenue up 307% ▪ Driven largely by production ramp in the Tactical Systems Q1 Rev ($ in millions) a
Slide 19: Tactical Systems - Q1 Results
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx TACTICAL SYSTEMS - Q1 RESULTS Revenue up 548% ▪ Driven by largely by the EUCOM Deep Strike program, Q1 Rev ($ in millions
Slide 20: Global Solutions - Q1 Results
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx GLOBAL SOLUTIONS - Q1 RESULTS Revenue up 9% ▪ Final stages of retrofit and customization for Oregon Q1 Rev ($ in millions
Slide 21: Q1 Cash Flow
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx Q1 CASH FLOW Improved Cash Flow Q1 Operating Cash Flow and CapEx ($ in millions) ▪ Driven by higher Net Income offset by
Slide 22: 2026 Financial Outlook
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx 2026 FINANCIAL OUTLOOK 2026 Outlook Revenue $600M to $620M Adjusted EBITDA1 $88M to $94.5M 22 Outlook as of May 20, 2026
Slide 23: Financial Framework Beyond 2026
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx FINANCIAL FRAMEWORK BEYOND 2026 Goals Drivers ▪ UAS / UAV / USV - Customer adoption and product expansion Grow inline or
Slide 24: Appendix – Non-GAAP Measures
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx APPENDIX – NON-GAAP MEASURES This presentation contains the financial measures Adjusted EBITDA and Adjusted EBITDA margin
Slide 25: Appendix – Net Income to Adj. EBITDA and Adj. EBITDA Margin Reconciliation
ibdroot\projects\IBD-NY\advent2025\973732_1\02. Presentations\24. Testing the Waters Presentation (Mar-2026)\Project Ascent - Testing the Waters Presentation (Mar-2026)_vFFF.pptx APPENDIX – NET INCOME TO ADJ. EBITDA AND ADJ. EBITDA MARGIN RECONCILIATION Three Months Ended March 31 2026 2025 Net inco
Slide 26: AEVEX
AEVEX